If an economy grows at an annual rate of 5% of which 3% is deemed to be due to improvement in the productivity of labour and capital combined the remaining ...

Assessment: JAMB UTME - Economics - 1992 Subject: Economics

Question 1 Report

If an economy grows at an annual rate of 5% of which 3% is deemed to be due to improvement in the productivity of labour and capital combined the remaining 2% is generally attributed to?
Answer Details
The remaining 2% of the annual growth rate of 5% is generally attributed to technical progress. This refers to advancements in technology and knowledge that contribute to the increase in productivity and efficiency of labor and capital. Technical progress can result from various factors, such as research and development, innovation, and improvements in infrastructure and education. It allows an economy to produce more output using the same or fewer inputs, which leads to economic growth and increased standards of living.

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning